The impetus for the CTL fireworks this week was a 25% cut in the dividend from $0.725 to $0.54 per quarter. CTL management made the change not because of 2012 operating results (which were fine) or 2013 guidance (mostly in-line) or even expectations for 2014. No, CTL made the decision because of 2015 cash taxes that might have to be paid at that time.
CenturyLink is probably a good value, the dividend is likely secure for some time, buyback are coming (maybe), and the stock appears washed out. Unfortunately, buying the stock means you are also buying CTL management and right now it's understandable if most investors want no part of their confusing message.